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名创优品单日暴跌背后：增收不增利困境凸显 国内增长触顶、TOP TOY难挑大梁？
09896MNSO(09896) 新浪证券·2025-05-30 07:24

Core Viewpoint - MINISO's stock price has significantly dropped in both US and Hong Kong markets, leading to a market value loss exceeding 2billionsincethebeginningoftheyear,followingdisappointingquarterlyearningsreports[1][2].FinancialPerformance−ForQ12025,MINISOreportedtotalrevenueof4.427billionyuan,ayear−on−yearincreaseof18.92 billion since the beginning of the year, following disappointing quarterly earnings reports [1][2]. Financial Performance - For Q1 2025, MINISO reported total revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, but net profit fell by 28.9% to 417 million yuan [2][4]. - Adjusted net profit for the same period was approximately 587 million yuan, down from 617 million yuan in Q1 2024, marking a new low in nearly seven quarters [2][4]. - The company's gross profit increased by 21.1% year-on-year, with a gross margin improvement of 0.8 percentage points to 44.2% [2]. Cost and Expense Management - Sales and distribution expenses surged to 1.021 billion yuan, a 46.7% increase compared to Q1 2024, with sales expenses accounting for 52.2% of gross profit [4][6]. - The company’s costs related to rent, depreciation, and labor rose by 71.4% during the reporting period, indicating challenges in cost control [4][6]. Store Expansion and Strategy - MINISO's overseas store count nearly doubled from 281 to 548, while the number of TOP TOY stores increased from 17 to 40, reflecting aggressive expansion strategies [4][5]. - The average size of new stores opened in Q1 2025 was approximately 300 square meters, with a focus on upgrading store formats [5][6]. Market Position and Competition - The domestic store count showed signs of stagnation, with a net increase of only 241 stores in mainland China, marking the first sequential decline since Q2 2022 [7][11]. - The main brand's revenue in mainland China was approximately 2.494 billion yuan, with a modest year-on-year growth of 9.1%, indicating a slowdown compared to previous high double-digit growth rates [11]. Future Outlook - The company is considering a potential spin-off of TOP TOY for a Hong Kong listing, aiming to raise 300 million, but faces challenges related to high licensing costs and the need for a distinct brand identity [12][14].